How does CoinVault work?

What is Bitcoin?

Bitcoin is a revolutionary online currency that can be used to buy online goods or services.
The best and complete source to learn about Bitcoin is at bitcoin.org.

What is an Altcoin?

An altcoin means alternate coin. Altcoins are alternative Blockchains to Bitcoin, they use the same basic principals as Bitcoin but with some changes
(e.g different mining algorithms or consensus rules etc...).
Altcoins are what CoinVault specializes in! Our platform is designed to easily add support for any bitcoin based altcoin.

What currency do you support?

As of now, you can store a limited number of crypto-currencies on CoinVault. We are supporting more currencies regularly.
We'll announce new currencies on our Twitter.
Click the link to see a full list of supported currencies: supported currencies.

Is there a limit on the amount of currency I can store?

There is no maximum wallet capacity.
However nothing is really free, at some point we'll introduce a small fee most likely on transaction capacity.

I forgot my login/wallet password what can I do?

For security and anonymity reasons there is no way to recover the login password, we recommend using Facebook or Reddit to login.
If you forget your login password you'll have to create a new account and import your wallet (either with the backup key or the mnemonic passphrase) then initiate a scan to discover your coins.

To recover a wallet password you'll need the back up key, which has an encrypted copy of your wallet password you can then recover you wallet password here.

Why are my coins "pending"?

The way bitcoin based currencies work require transactions to get verified by miners.
Coinvault waits for 3 blocks after a transaction is confirmed before its marked as accepted.

I've just sent coins but the remainder of my coins are "pending".

When generating a transaction no all the coins are spent, the remainder are sent back to the senders address.
This has to also get processed by miners, for more info on how bitcoin works go to wiki.

When I send coins I get the error "InsufficientFee".

When sending coins a transaction is created using unspent outputs, the more outputs the bigger the transaction will get.
If you get this error try to increase the fee (often just doubling the fee is enough).
We roughly calculate that for every 1 kb of transaction size the default fee is applied.

I have made a deposit, yet my balance is empty. Why?

As with every currency, time is needed to process online transactions. Funds should appear within a balance a few minutes after they have been sent.
If funds are still not showing up, you can contact us at support@coinvault.io.

What are the backup keys?

The backup keys are an encrypted ciphertext of your wallet HD master key (encrypted with your wallet password), this allows you full control over your coins.
You can also restore the wallet on any site that supports the BIP44 protocol.
It is important to keep the backup safe and private.

What's a mnemonic sentence?

A mnemonic code or sentence is a group of easy to remember words representation of a wallet seed.
The mnemonic code is only available first time when creating the wallet (later backups will not have a mnemonic code)
and can be easily imported to other wallets that support BIP39.

The mnemonic can be created with or without a passphrase, if you decide to use a passphrase we'll use the wallet password to create your mnemonic.
A mnemonic with a passphrase is more secure however it may not be possible to recover the key if you forget the passphrase.
Note: Once the mnemonic is created with a passphrase that passphrase will alwayes be required when importing the mnemonic code.
Read more here

How can I get my private keys?

With your mnemonic sentence or your wallet root key you can use this tool to get your private keys.
The root key is the wallet seed it's important to keep it safe, all you coins and addresses are generated from that single seed.
To get you wallet root key go here, you should only do this on a secure device.

What's your email policy?

We will never! send you emails that refer back to CoinVault, we'll only rarely send you informational emails.